BillClap Blogs

A credit note, also known as a credit memo, is a document issued by a seller to a buyer, indicating that a certain amount has been credited to the buyer's account. This can occur due to various reasons such as returned goods, billing errors, or other adjustments. A credit note serves to nullify or r

Navigating the complexities of the Goods and Services Tax (GST) in India can be challenging, especially when it comes to managing invoices. Whether due to errors or changes in transactions, businesses often find themselves needing to cancel an invoice. Understanding the process to cancel an invoice

Accounting is the backbone of any business, ensuring that financial transactions are accurately recorded and managed. Two primary systems of accounting are widely used: the single entry system and the double entry system. Understanding the distinctions between these two methods is crucial for busine

India's hardware industry is a vital sector that caters to a wide range of customers, including homeowners, DIY enthusiasts, and professional contractors. The consistent demand for hardware products makes it an attractive business opportunity. But how profitable is it to start a hardware business in

What is a Balance Sheet as per Schedule 6?The balance sheet is one of the key financial statements that provide a snapshot of a company’s financial position at a particular point in time. It details the company's assets, liabilities, and shareholders' equity. As per Schedule 6 of the Companies Act,

The idea of starting a manufacturing business from home is appealing to many aspiring entrepreneurs in India. It offers the benefits of low overhead costs, flexible working hours, and the ability to scale at your own pace. With the rise of digital tools and platforms, setting up a home-based manufac

The April 2024 GST newsletter highlights a record GST collection of ₹2.10 lakh crore, a 12.4% year-on-year increase, driven by a rise in domestic transactions and imports. After refunds, the net GST revenue stands at ₹1.92 lakh crore. Key components include ₹43,846 crore from CGST, ₹53,538 crore fro

What is Carriage inward?Carriage inward, also known as freight-in or transportation-in, refers to the costs incurred for transporting goods from the supplier to the buyer's premises. These costs are essential for businesses as they represent the expense of bringing raw materials or goods to the loca

Kerala, known for its scenic landscapes, rich culture, and high literacy rate, provides fertile ground for small-scale businesses. Entrepreneurs in Kerala can take advantage of the state's natural resources, skilled labor, and growing market demand to establish successful ventures. From leverag

What is a capital gain summary in Angel Broking?A capital gain summary in Angel Broking, a prominent stockbroker in India, is a detailed report that provides an overview of the profits or losses realized from the sale of securities. This summary is crucial for investors as it helps in understanding